EFCC probes MTN listing on NSE

MTN Nigeria said its listing on the Nigerian Stock Exchange is being investigated by the Economic and Financial Crimes Commission.

The telecom giant, which was listed on the Exchange two weeks ago, however, said it had not been accused of any wrongdoing by the EFCC.

Uto Ukpanah the Company Secretary via a statement shared on the NSE’s website, said that a letter addressed to the Company by the EFCC on Thursday requested information and documentation relating to the listing of its shares on the NSE.

Ukpanah stressed that the telecom giant has complied by all the law necessary that facilitated the company’s listing.

“We wish to reiterate that we received all regulatory approvals required to list our shares on the Nigerian Stock Exchange, as publicly confirmed by the Nigerians Stock Exchange and the Securities and Exchange Commission (SEC).

“As a law-abiding and responsible corporate citizen, we are co-operating fully with the authorities. We are committed to good governance and to abiding by the extant laws of the Federal Republic of Nigeria.”

In December 2018, MTN agreed to pay $53 million to resolve a row with Nigeria’s telecoms regulator (NCC), after being accused of illegally repatriating $8.13 billion to South Africa.

Also in 2015, it was fined $5.2 billion in 2015 for failing to disconnect unregistered SIM cards on its network.

The fine, however, was later reduced to $1.7 billion after negotiations with the Nigerian government.